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The board of directors of Hascol Petroleum Limited on Monday approved a draft amended Plan of Arrangement, which the company shared in a notification to the Pakistan Stock Exchange (PSX).
“We are pleased to inform that the board of directors at its meeting held on 13 March 2023 approved a draft amended/updated Scheme of Arrangement prepared under Sections 279 to 282 and 285 of the Companies Act 2017 (the “amended scheme” ). which summarizes certain amendments/suggestions proposed by the secured creditors of the Company,” read the notification.
The OMC shared that the modified plan will be submitted to its secured creditors for the necessary approvals, followed by the members of the company, “after which the same will be filed/submitted to High Sindh Court at Karachi for necessary action (or as otherwise advised by the Company’s legal counsel)”.
Hascol has filed a plan of arrangement whereby its debts can be formally restructured within the court system.
Last year in January, the Federal Investigation Agency arrested Mumtaz Hasan, the founder of Hascol Petroleum Limited, as part of its investigation into an alleged Rs54-billion scam.
“The Commercial Banking Circle of the FIA has registered a case against 30 suspects – including former and current officials of the National Bank of Pakistan and Hascol – and one suspect has been arrested after pieces of evidence came to light evident in an investigation into bank failure, financial fraud. and money laundering of more than Rs54 billion from Hascol Petroleum Company,” read the FIA statement at that time.
Last month, as many as 16 officials of the National Bank of Pakistan (NBP) and petroleum companies, etc., were detained for their alleged involvement in the ‘biggest financial scam’ of Rs54 billion after a Special Banking Court rejected their application interim. bail on February 20, 2023.
Earlier, Hascol’s board authorized Chief Financial Officer Amad Uddin to exercise authority as Chief Executive Officer (CEO) after the trial judge rejected confirmation of CEO Aqeel Ahmed Khan’s bail applications along with others.